Published on 2/8/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.02 million phoenix autocalls on biotech, financial ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Barclays Bank plc priced $1.02 million of phoenix autocallable notes due Feb. 5, 2021 linked to the least performing of the Financial Select Sector SPDR Fund, the SPDR S&P Biotech ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.35% if each ETF closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any observation date other than the first and final dates.
The payout at maturity will be par unless either ETF finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | Financial Select Sector SPDR Fund, SPDR S&P Biotech ETF
|
| Amount: | $1,019,000
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| Maturity: | Feb. 5, 2021
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| Coupon: | 8.35% annualized, payable quarterly if each ETF closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either ETF finishes below trigger, in which case 1% loss per 1% decline of worst performing ETF
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any observation date other than first and final dates
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| Initial levels: | $29.36 for financial fund, $91.89 for biotech ETF
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| Coupon barriers/triggers: | $19.08 for financial fund, $59.73 for biotech ETF, 65% of initial levels
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 7
|
| Agent: | Barclays
|
| Fees: | 2.35%
|
| Cusip: | 06744CVA6
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